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Jimmy has fallen on hard times recently. Last year he borrowed $304,000 and added an additional $59,000 of his own funds to purchase $363,000 of

Jimmy has fallen on hard times recently. Last year he borrowed $304,000 and added an additional $59,000 of his own funds to purchase $363,000 of undeveloped real estate. This year the value of the real estate dropped dramatically, and Jimmy

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